Base metals complex may open in green amid short covering after yesterday fall as US retail sales data today to give direction to the prices. Copper may move in the range of 312-320. Lead can hover in the range of 132-135. Zinc may move in range of 148-151. Nickel may move in the range of 690-715 in MCX.
Aluminum can move in the range of 111-113.50 in MCX. London copper hovered near a one-month low on Friday after poor Chinese trade data stoked jitters about demand in the world's top metals user, while zinc and lead faced steep weekly falls on the prospect of improving supply. China's exports dropped 10 percent from a year earlier in September, far worse than expected, while imports unexpectedly shrank after picking up in August, suggesting signs of steadying in the world's No.2 economy may be short-lived. China's copper imports hit their weakest since February 2015, while its aluminium exports grew, underlining oversupply in the metal and sparking sales that saw most contracts fall 1-2 percent.
LME zinc and LME lead both climbed by around half a percent, but were still facing more than 3-percent weekly losses after Peru's Antamina mine said it planned to double zinc production next year and Nyrstar's lead smelter in South Australia restarted after a blackout this week.
Courtesy: Smc Comtrade